August 27, 2016
Despite the ongoing efforts of banks to attract millennials, they are still failing to make an impression. According to Gallup, only 23% of millennials are actively engaged with their bank, making millennials the least engaged generation. Considering that fully engaged customers bring considerable benefits and higher revenues – this is a big problem.
If banks expect millennials to simply grow up, they may be facing a tough road ahead. Financial institutions – banks and others – that find a way to communicate with millennials on their terms and give them the financial tools they want are more likely to end up the winners.
When millennials feel supported and are able to choose the way in which they interact with a bank, they are more likely to strengthen their relationships and make smarter financial decisions. But millennials have high expectations; if engagement with ...